Common use of Term; Removal Clause in Contracts

Term; Removal. The Managing Member will serve as Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, the Managing Member may be removed by the Members of the Company acting by way of a Super Majority Vote if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Manager of such series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any series, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such series, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the series

Term; Removal. The Managing Member will serve as our Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, but that the Managing Member may be removed by the as indicated below: Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Manager of such series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any series, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such series, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the series.

Term; Removal. The Managing Member Manager will serve as Managing Member of the Company and each Series our Manager for an indefinite term. Notwithstanding , but that the foregoing, the Managing Member Manager may be removed by the as indicated below: Members of the Company acting by way of a Super Majority Vote may elect to remove the Manager at any time if the Managing Member Manager is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series series or the Company and which has a material adverse effect on the Company. The Managing Member Manager shall call a meeting of all of the Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member Manager of the Company and each relevant series in accordance with this Article ARTICLE X and (ii) if the Managing Member Manager is so removed, by a plurality, appoint a replacement Managing Member Manager or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article ARTICLE XI. If the Managing Member Manager fails to call a meeting as required by this Article ARTICLE X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member Manager shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member Manager of a aeries and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing MemberManager’s appointment as Property Manager of such series shall concurrently automatically terminate. Prior to its admission as a Managing Member Manager of any series, any replacement Managing Member Manager shall acquire the Interests held by the departing Managing Member Manager in such series, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member Manager is removed as Managing Member Manager of the Company it shall also cease to be Managing Member Manager of each of the series.

Term; Removal. The Managing Member will serve as our Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, but that the Managing Member may be removed by the as indicated below: Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Members of the Company within 30 thirty (30) calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries Series and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Manager of such series Series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any seriesSeries, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such seriesSeries, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the seriesSeries.

Term; Removal. The Managing Member will serve as the Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, but that the Managing Member may be removed by the as indicated below: Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Manager of such series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any seriesMember, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such seriesMember, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the seriesany SPEs.

Term; Removal. The Managing Member will serve as our Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, but that the Managing Member may be removed by the as indicated below: Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries Series and the Property Asset Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Asset Manager of such series Series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any seriesSeries, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such series, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Asset Manager on the same terms and conditions set forth herein and in the property asset management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the seriesSeries.

Term; Removal. The Managing Member will serve as our Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, but that the Managing Member may be removed by the as indicated below: Economic Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Economic Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Economic Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member Economic shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries series and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Manager of such series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any series, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such series, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the series.

Term; Removal. The Managing Member will serve as our Managing Member of the Company and each Series for an indefinite term. Notwithstanding the foregoing, but that the Managing Member may be removed by the as indicated below: Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a Series series or the Company and which has a material adverse effect on the Company. The Managing Member shall call a meeting of all of the Members of the Company within 30 thirty (30) calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant series in accordance with this Article ARTICLE X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or approve the liquidation and dissolution and termination of the Company and each of the series in accordance with Article ARTICLE XI. If the Managing Member fails to call a meeting as required by this Article ARTICLE X, then any Members shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. If the Managing Member of a aeries Series and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Managing Member’s appointment as Property Manager of such series Series shall concurrently automatically terminate. Prior to its admission as a Managing Member of any seriesSeries, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such seriesSeries, if any, for fair market value and in cash immediately payable on the Transfer of such Interests and appoint a replacement Property Manager on the same terms and conditions set forth herein and in the property management agreement. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the seriesSeries.